Shares of Ola Electric Mobility Ltd. hit the upper circuit for the fourth session since listing on Aug. 9. The market capitalisation of the company breached the Rs 60,000 crore market after the share price hit its highest level of Rs 146.38.
As of 9:39 a.m., the stock remained locked in its upper circuit limit of 9.99% with a market capitalisation of Rs 64,565 crore.
The stock has breached the 12-month target price of HSBC, the only brokerage tracking the company, according to Bloomberg. The brokerage's target price of Rs 140 apiece now implies a 3.7% downside.
Since its listing, shares of Ola has surged by over 60%.. On Monday, total traded volume so far in the day stood at 1.2 times its 30-day average.
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On Friday, HSBC initiated coverage on the stock with a 'buy'. "Despite our conservative view on EV penetration in India, along with other uncertainties, we believe Ola is worth investing in… given sustained regulatory support, Ola's ability to reduce costs, and a positive risk-reward in its battery venture," it said.
On Thursday, the company announced its entry into the electric motorcycle segment by launching the Roadster Series.
During the event, the company teased two new motorcycles, the Sportster and Arrowhead, and unveiled the locally developed Bharat 4680 cell and battery pack. They also declared that they will incorporate these cells into their own vehicles from the first quarter of fiscal 2026.
According to HSBC, the stock faces downside risks, including slower penetration of e-two-wheelers and battery plant issues.
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